GBP/USD 1.6230 - 24 March 2011

GBP/USD Open 1.6245 High 1.6386 Low 1.6199 Close 1.6239

On Wednesday Pound/Dollar decreased significantly with around 170 pips, losing all earlier week's gains, in converse with the positive Interbank sentiment at over +13%. The Cable depreciated from 1.6386 to 1.6217 yesterday, closing the day at 1.6239. Today the British Pound weakened further down to 1.6199. On the 1 hour chart new upward channel is emerging, while on the 3 hour chart the new small angle wide upwards channel is intact. First resistance is yesterday's peak at 1.6386. Break above it should extend the bullish movement further towards the 1.6513. The nearest support is today's bottom at 1.6199. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6100. Today is UK Retail sales at 9:30 GMT. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and inclining upwards, MACD is negative and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall neutral to light short signals.
Technical resistance levels: 1.6386 1.6513 1.6640
Technical support levels: 1.6199 1.6100 1.5968

Trading range: 1.6240 - 1.6170
Trend: Downward
Sell at 1.6230 SL 1.6260 TP 1.6180

Already made +39 pips profit on GBP/USD today from the following signal:
5:31 GMT Sell GBP/USD at 1.6240 SL 1.6266 TP 1.6180, exit sent at 7:38 GMT.
Today so far +132, yesterday +99, as shown in details at